我国高技术企业跨国并购绩效影响因素研究

本文从外部环境、企业和交易3个层面研究可能影响我国高技术企业跨国并购绩效的因素。采集中国大陆A 股上市的高技术企业在2010~2015 年间的跨国并购案例，运用回归方法进行经验检验。研究结果表明：显著影响我国高技术企业跨国并购绩效的因素主要包括：相对国家竞争优势、制度距离、财务风险3 个因素与我国高技术企业的跨国并购绩效有显著的负相关影响；行业相关性、以往跨国并购经验、管理层能力、企业规模、相对并购规模5 个因素对我国高技术企业的并购绩效有显著的正相关影响。

A Study on the Influence Factors of Cross-border Merger and Acquisition of Chinese High-tech Enterprises

This paper analyzes the factors that may affect the performance of M&A from three aspects: external environment，enterprise and transaction. We sample 53 cases of cross-border M&A from Chinese high-tech enterprises listed in A-shares from 2010 to 2015 and use robust regression to conduct empirical test. The empirical results show that the factors significantly affect the performance of M&A. The relative national competitive advantage，institutional distance and fi nancial risk have a significant negative correlation with the performance of cross-border M&A. Industry correlation，experience in cross-border M&A，manager’ability，firm size，relative size of M&A have a significant positive impact on the performance of Chinese high-tech enterprises. The influence of cultural distance and government correlation are not remarkable.